According to *Tradearabia news report, the UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved a total of 122 economic activities eligible for up to 100 per cent foreign ownership in the UAE.

The decision aims to support the growth environment and to reaffirm UAE’s position on the global arena as a hub for investment, according to the state news agency Wam.

A total of 122 economic activities across 13 sectors were specified to be eligible for up to 100 per cent foreign ownership such as renewable energy, space, agriculture, and manufacturing Industry, it stated.

The decision provides investors with an opportunity to acquire various shares in a number of economic activities including the production of solar panels, power transformers, green technology, and hybrid power plants.

Areas of foreign ownership also include transport and storage, which allows investors to own projects in the field of e-commerce transport, supply chain, logistics, and cold storage for pharmaceutical products.

The Cabinet's decision includes other areas of ownership by foreign investors, including hospitality and food services, information and communications, as well as professional, scientific and technical activities, thereby allowing for ownership in laboratories for research and development in biotechnology.

The list also includes administrative services, support services, educational activities, healthcare, art and entertainment, and construction.

Local governments to determine the ownership percentage of foreign investors in these activities.